The best moveset for Alakazam in the current competitive meta typically features the moves Psychic, Protect, Speed Swap, Taunt.
In the Pokémon Champions meta, Alakazam can be countered by exploiting its weaknesses (bug 2x, dark 2x, ghost 2x) and using effective check/counter teams.
The best item for Alakazam is typically Alakazite, based on high-level tournament and ladder stats.